With some positive note on unemployment declining to 7.8% along with NFP slightly below expectations; the market's price reaction for the USD has stalled. Barely with a few hours of trading left for the week, may lead the rest of the market action and price swing for the earlier part of next week.
Although, the USDJPY has moved higher (currently @78.64) as an immediate reaction from the release of the data; has shown resiliency as it spills-over to the GBPJPY cross rate. Currently, @127.50 the GBPJPY cross had recently corrected and recovered from its decline due to the favorable report and Cable still bullish after barely reaching its preliminary support not lower than the 125.50 levels. Which is a very good pyschological support price.
The weekly exhaustion (doji) candlestick bar was the signal for the decline; while maintaining its trend channel higher in line with the technical trend line support of Cable at the 1.6065.
No comments:
Post a Comment